During her speech at the annual event, Fed Chair Janet Yellen noted the “continued solid performance of the labor market and our outlook for economic activity and inflation” and made the case for an increase to the fed-funds rate.

The hawkish rhetoric at Jackson Hole had many on Wall Street talking about the possibility of a Fed rate hike coming as early as September.

In a note sent out to clients ahead of the August jobs report, Renaissance Macro’s Neil Dutta wrote, “If the August figure resembles the last two months, the Fed goes this month.”

And that seemed to be what the market was thinking as well. On the Monday following Yellen’s Jackson Hole speech, fed-fund-futures data compiled by Bloomberg showed the market was pricing in a 42% chance of a September rate hike, and a 64.7% probability that at least one rate hike would occur before the end of the year.

Not only has the US dollar index given up virtually all of its post-Jackson Hole gains …

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Business Insider/Andy Kiersz, Data from Bloomberg

… but the US 10-year yield is also now below where it was before Yellen’s speech.

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Business Insider/Andy Kiersz, Data from Bloomberg

Even Goldman Sachs has pushed back its call for a September rate hike. The investment bank now thinks there is only a 40% chance the Fed raises rates at its September meeting, down from 55% following Friday’s jobs report. As for the rest of the year, the firm sees a 70% chance of at least one rate hike, down from 80% just a few days ago.

And these lowered expectations come despite the US economy coming close to meeting both conditions of the Fed’s dual mandate. The labor market is extremely tight right now, as the unemployment rate sits at 4.9%, and wages are rising at a 2.4% year-over-year clip, just off a post-crisis high.